Dubai Family Business Survey: Growth and Tech Priorities Shine Amidst Succession Challenges

UAE, 22 April, 2024 :  The Dubai Centre for Family Businesses, in collaboration with PwC, released a survey revealing the priorities and strategies of Dubai's next-generation family business leaders. The survey engaged 889 respondents from 63 countries, with a notable focus on Dubai participants.

Top priorities for Dubai’s family businesses include expanding into new sectors and markets, followed by business development and technology adoption. In contrast to global trends where business development led, Dubai's respondents prioritized market expansion. Talent management and attracting young talent also ranked high.

Generative AI emerged as a significant interest among Dubai's family business members. An impressive 87% in Dubai expressed interest in using AI to drive innovation and efficiency, compared to the global average of 82%. Additionally, 32% believe AI will boost profitability within a year, higher than the global 21%.

Regarding succession planning, 42% were aware of plans within their family business but were less involved in their preparation. Challenges arise when the current generation isn't ready to retire, affecting the succession process.

AI benefits highlighted by respondents included operational efficiency, employee productivity, and improved customer experience. The survey underscores Dubai family businesses' understanding of their values, goals, and the importance of leadership roles in governance. Most expect to take on leadership roles within five years, with optimism about career growth within their family enterprises.

Source : www.wam.ae